we have lots of borrowing, the benefit of the doubt at the moment, the markets, the rating agencies. maybe we can stray in the direction of labor and give it a little more of a helping hand. i think for osborne and his team that would look like they're conceding defeat. >> do you agree with alan it's in the hands of the eurozone or -- >> i think it is. it's very hard here to generate much activity right now. olympics are out of the way, which may have had mixed blessings for the underlying economy. this is an economy stagnant, fiscal tightening is still posing the drag and the external environment is absolutely critical for sentiment and for real economic activity. >> okay. alan, thanks for that. good to see you. larry sticks around for more. >>> european stocks half an hour into the trading day, building on losses from yesterday. >>> we'll take a look at the mood across bond markets and see if that keys the same thing we're seeing yields in spain and italy moving higher. ten-year in italy, down 0.1%. interestingly, ross, despite the we've heard this morning, juncker will be attendin